Brookfield Finance Inc. 4.625% Subordinated Notes due October 16, 2080 (BNH)

BNH is an exchange-traded debt security, often called a baby bond, issued by Brookfield Finance Inc., a financing subsidiary of the Brookfield group. The notes carry a fixed annual interest rate of 4.625% and mature on October 16, 2080. They are subordinated, meaning they rank below the issuer's senior debt in a liquidation, and they are backed by a guarantee from the Brookfield parent company, today Brookfield Corporation (NYSE: BN).

The notes were sold in small denominations so that individual investors could buy them through a stock brokerage account, and they trade on the NYSE under the symbol BNH much like a preferred stock. Because the coupon is fixed and the maturity is very long, the market price moves largely with long-term interest rates; in 2026 the notes have traded well below their $25 par value, around the mid-teens.

As with most long-dated hybrid notes of this kind, the issuer has the right to redeem the securities at par after an initial non-call period, and the notes could also be redeemed earlier under certain tax or rating events described in the offering documents. As of October 2026 the notes remain outstanding and listed.